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Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obvious negative influence on the market, decelerating the “positive” movement of the other dry bulker segments. Although average freight rates have improved considerably compared to average levels of Q3, they are still well below expectations built up before the last quarter. It is clear by now that this bitter taste will usher us into the New Year as well. Under the current freight environment and with rates looking unable to bounce back up for longer periods, it seems that investment interest is scaling back currently.
In the New Building sector, the very strong 2013 in terms of orders and the equally strong beginning of this year as well, originally allowed Shipbuilders to become more relaxed as their slots were fully booked for 2015 and the 1st half of 2016. As the last quarter of 2014 is nearing to its end, the lack of demand for securing new slots and the increasing number of non-effective orders has changed sentiment dramatically though, pushing yards to become more accommodating in their price expectations and even offer substantial discounts in certain cases. As a matter of fact, Top Chinese shipyards are currently willing to offer Ultramax and Kamsarmax slots at USD 27.0m and USD 29.0m respectively, but even prices like that are considered too expensive to attract the attention of owners who could be considering a newbuilding order. In the same spirit, resale candidates are also facing lack of interest as the current freight market is not tempting enough for an owner to pay the premium.
At the same time, the downward correction of demolition prices during the past weeks by more than $50/$60 per long ton, has had an immediate effect on older assets, although given the highs demo prices reached this year, even after such corrections, the current levels of $430/$440 per long ton, offered in the Indian sub-Continent for dry bulk units are still relatively attractive. Therefore vessels built up to 1995 are currently in the market for scrap related prices, with small differentiations relative to their size, SS/DD position and delivery place. Tonnages built within the first decade of 2000 enjoy the most interest, while at the same time these vessels present heavily corrected prices, which are comparable to 2012 levels.
The softening of Japan’s currency has simultaneously brought additional sale candidates in the market, with buyers concentrating in modern Japanese built tonnage with the view that a quick profit could be locked by what looks like another mini-cycle in terms of asset values. As evidenced by the table above table, vessels prices are very close to bottom levels reached back in the December 2012 – January 2013 period, while the freight market has been fairing at better levels compared to that period, possibly implying opportunities to be found in the second-hand market.
By Konstantinos Kontomichis, SnP Broker, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
Tuesday, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has fell ...
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- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- CNBM International Corporation - China
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